Pfizer to acquire Wyeth

Pfizer has announced a $68 billion merger agreement to acquire Wyeth, parent of Fort Dodge Animal Health.

Both biopharmaceutical companies make animal and human health products, including over-the-counter consumer drugs on Wyeth's part.

Pfizer Animal Health and Fort Dodge offer a variety of vaccines, parasiticides, anti-infectives, and other products for companion animals, horses, livestock, and poultry.

"Wyeth and Pfizer are highly complementary businesses, and together we can build the best diversified health care company in the world," said Bernard Poussot, Wyeth's chairman, president, and chief executive officer.

Jeffrey B. Kindler, Pfizer's chairman and CEO, said, "The new company will be an industry leader in human, animal, and consumer health."

Revenues for Pfizer Animal Health were $2.8 billion in 2008, an increase of 7 percent from 2007. Revenues for Fort Dodge were $1.1 billion, an increase of 4 percent. Revenues for Pfizer overall were $48 billion, flat from a year ago. Revenues for Wyeth were $23 billion, an increase of 2 percent.

Pfizer and Wyeth together will become the biggest biopharmaceutical company in the United States, in terms of revenues, with a market share of 12 percent. The company also will have a strong presence in Europe, Asia, and Latin America.Pfizer had 82,000 employees worldwide at year's end, while Wyeth had 48,000 employees globally. Pfizer announced plans to reduce the total workforce by 15 percent.

Fort Dodge is one of the AVMA's platinum sponsors, and Pfizer Animal Health was a silver-level sponsor for the 2008 AVMA Annual Convention.

Correction: the online version of this document contains a correction.